On Friday, February 14, after the U.S. market closed, a 13F filing submitted to the SEC revealed that Stanley Druckenmiller's Duquesne Family Office executed significant portfolio adjustments in the fourth quarter of 2025.

During the quarter, Druckenmiller initiated new positions with precision in the Financial Select Sector SPDR ETF (XLF), the Invesco S&P 500 Equal Weight ETF (RSP), and a Brazil-focused ETF. Concurrently, he completely exited the position in Meta and continued to increase the holding in Alphabet.

The disclosure of this portfolio report coincides with the official entry of Druckenmiller's two prominent protégés, Scott Bessent and Kevin Warsh, into the core of U.S. economic policymaking. Bessent assumed the role of Treasury Secretary in January of this year, while Warsh was recently nominated for the position of Federal Reserve Chair.

The filing indicates that Druckenmiller established a new position in the Financial Select Sector SPDR ETF (XLF) during Q4, acquiring 5.4956 million shares. This holding was valued at approximately $301 million by the end of the period, immediately making XLF the second-largest position in the portfolio, accounting for 6.7% of the total asset weighting.

Simultaneously, the Duquesne Family Office also initiated a new position in the Invesco S&P 500 Equal Weight ETF (RSP), purchasing 1.1739 million shares with an end-of-period value of around $225 million, representing a 5% portfolio weighting.

Combined, these two ETF positions accounted for over 11% of the investment portfolio. Market analysis suggests that buying XLF is typically seen as a bet on financial deregulation and an interest rate environment favorable to bank profits. The choice of RSP (an equal-weight index) over a market-cap-weighted ETF like SPY indicates Druckenmiller's anticipation of a broadening market rally, with capital potentially flowing away from the overly crowded mega-cap tech stocks into a wider range of sectors.

Additionally, Druckenmiller established a new position in the iShares MSCI Brazil ETF (EWZ), holding 3.5526 million shares valued at approximately $113 million, constituting a 2.51% weighting.

Regarding technology stocks, Druckenmiller executed notable divergent strategies in Q4. On the reduction side, the Duquesne Family Office sold its entire holding of 76,100 shares of Meta Platforms. This liquidation resulted in a negative exposure change of about 1.38% for the portfolio. Furthermore, he completely exited the position in pharmaceutical stock Verona Pharma (VRNA), selling over one million shares. On the addition side, Druckenmiller continued to add to the position in Alphabet (GOOGL). The holding was increased by 282,800 shares in Q4, a significant rise of 276.71%, bringing the total holding to 385,000 shares valued at roughly $120 million by quarter's end.

He also substantially increased the stake in Southeast Asian internet giant Sea Ltd (SE), adding 669,900 shares—a 244.32% increase—resulting in an end-of-period holding value of approximately $120 million.

Although Natera Inc (NTRA) remained the largest holding in the portfolio at 12.8%, Druckenmiller reduced other pharmaceutical positions. Teva Pharmaceutical (TEVA) was reduced by 10.719 million shares, a decrease of 64.6%, while the holding in Insmed (INSM) was cut by 941,700 shares, a reduction of 38.86%.

As of the end of Q4 2025, Druckenmiller's portfolio contained 62 stocks. The top five holdings were Natera Inc, the Financial Select Sector SPDR ETF (XLF), Insmed Inc, the Invesco S&P 500 Equal Weight ETF (RSP), and Teva Pharmaceutical.

Druckenmiller's moves this quarter have drawn intense scrutiny from Wall Street, primarily due to his unique relationships with the new economic officials in the administration.

Treasury Secretary Bessent previously worked for Druckenmiller at Soros Fund Management, and the two collaborated on the trade to short the British pound in 1992. Federal Reserve Chair nominee Warsh has been a partner at the Duquesne Family Office since 2011. According to informed sources, Warsh maintains extremely frequent communication with Druckenmiller, sometimes speaking over ten times in a single day. Bessent also remains in close contact.

This mentor-protégé dynamic has led markets to speculate that "Druckenmiller Economics"—characterized by an anti-deficit, anti-inflation, and anti-tariff stance—might influence policy-making through Bessent and Warsh.

Druckenmiller has long warned that the U.S. fiscal deficit is a "debt bomb" and has advocated for cuts to entitlement spending. On monetary policy, he leans hawkish, having criticized the Federal Reserve for being too slow to raise interest rates during the pandemic. Notably, he is explicitly opposed to tariffs, a stance that creates a potential conflict with core trade policies.

Bessent previously remarked in an interview that in the realm of global macro trading, Druckenmiller is "in a category of his own." With his protégés now in office, the portfolio movements of this singular figure have become a key indicator for markets observing potential shifts in Washington's policy direction.